One word that you'll hear tossed around quite a bit when it comes to buying a car is "financing." Essentially, financing helps you buy a car that's more expensive than you could afford to buy with the money that you currently have on hand. This is great news for Livonia and Redford, MI buyers at Quattro Motors because it allows you to buy a great car with low mileage that you can enjoy for many years to come. Before you "sign on the dotted line," though, it's important to understand some basic concepts of used car financing so that you can be sure you're making the best financial decisions for your needs.

Pay Over Time

When you begin a new auto loan, one variable that you'll have to choose is the term. The term is the amount of time that you'll be paying on the loan in Farmington Hills. Typical terms range from three to six years, giving you plenty of time to spread out the cost of the car. Generally, if you can opt for a shorter term, you'll benefit from lower interest rates on your loan. You'll also want to think about the down payment. A down payment is the amount of money you put toward the cost of the vehicle before the loan is originated. A higher down payment will leave you with less cash but will also lower your monthly payment, meaning that it's worthwhile to put as much money as you can toward the down payment.

We're Here to Help at Quattro Motors

Once you've chosen a great vehicle from our quality pre-owned selection in Farmington Hills, our finance team will work with you to find the financing terms that work best for you. You will need to fill out a finance application so that a finance manager can submit that information to a lender to determine which lender will be the best fit. After that, all that's left to do is sign some paperwork, and you'll be on your way. If you’re in Detroit or Southfield, MI, feel free to contact Quattro Motors to check out our new and used today.